Horizon Kinetics Asset Management LLC Murray Stahl

New York, NY 21 processed 13Fs on this site, 2021 Q3 to 2026 Q2

$8.8B
348 holdings
2026 Q2
−4.5% QoQ
Top 5 66.8%

Portfolio

2026 Q2, filed 8/11/2026, top 12 of 348 holdings

Top 5 66.8%, top 10 77.5%

AUM over time

2026 Q2 $8.8B −4.5% QoQ

Q3 2021

Q1 2022

Q1 2023

Q1 2024

Q1 2025

Q1 2026

Book

2024 Q3 2024 Q2, filed 13 Nov, long equity only

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TPL, Texas Pacific Land	48.92%	Reduce 0.0%	3,694,365	$884.74	$3.3B	−62	+$556M
GBTC, Grayscale Bitcoin	11.49%	Add +1.9%	15,208,060	$50.50	$768M	+290,612	−$26M
LB, Landbridge	3.04%, was 1.90%	Add +10.3%	5,190,867	$39.12	$203M	+484,968	+$94M
CACI, CACI International	2.78%, was 2.79%	Reduce −0.7%	368,068	$504.56	$186M	−2,509	+$26M
WPM, Wheaton Precious Metals	2.52%, was 2.53%	Reduce −0.3%	2,754,175	$61.08	$168M	−7,333	+$23M
ICE, Intercontinental Exchange	1.79%, was 1.78%	Add +0.2%	745,526	$160.64	$120M	+1,738	+$18M
FNV, Franco Nevada	1.74%	Add +1.9%	935,834	$124.25	$116M	+17,232	+$7.4M
CVEO, Civeo	1.33%, was 1.43%	Reduce −1.0%	3,251,609	$27.40	$89M	−34,337	+$7.2M
BTC, Grayscale Bitcoin Mini Trust	1.29%	New	15,282,793	$5.63	$86M	+15,282,793	+$86M
CBOE, Cboe Global Markets	1.28%, was 1.20%	Add +3.3%	417,664	$204.87	$86M	+13,425	+$17M
MSB, Mesabi Trust	0.90%, was 0.79%	Add +1.4%	2,659,623	$22.65	$60M	+37,417	+$15M
Viper Energy	0.89%, was 0.87%	Add 0.0%	1,320,445	$45.11	$60M	+60	+$10M
BN, Brookfield Corporation	0.84%	Reduce −8.2%	1,056,706	$53.15	$56M	−94,159	+$8.4M
SAIC, Science Applicatns International	0.84%	Reduce −1.3%	402,965	$139.27	$56M	−5,241	+$8.1M
AN, Autonation	0.77%, was 0.81%	Reduce −1.7%	286,763	$178.92	$51M	−4,946	+$4.8M
PBT, Permian Basin Rty Trust	0.66%	Add 0.0%	3,684,264	$11.89	$44M	+1,061	+$2.3M
ADM, Archer-Daniels-Midland	0.58%, was 0.71%	Reduce −3.1%	653,811	$59.74	$39M	−20,599	−$1.7M
LYV, Live Nation Entertainment	0.58%, was 0.60%	Reduce −2.7%	356,309	$109.49	$39M	−9,950	+$4.7M
HHH, Howard Hughes	0.57%	Reduce −1.6%	495,811	$77.43	$38M	−7,986	+$5.7M
Associated Cap Group	0.52%, was 0.60%	Reduce −3.6%	975,128	$35.42	$35M	−36,428	+$126K
MSTR, Microstrategy	0.49%, was 0.45%	Add +924.1%	192,905	$168.60	$33M	+174,069	+$6.6M
JOE, Saint Joe	0.46%, was 0.51%	Reduce −1.4%	523,848	$58.31	$31M	−7,457	+$1.5M
PAG, Penske Automotive Group	0.44%, was 0.48%	Reduce −1.4%	181,480	$162.42	$29M	−2,501	+$2.1M
GBTC, iShares Bitcoin Trust	0.44%, was 0.43%	Add +11.9%	805,803	$36.13	$29M	+85,763	+$4.5M
CME, CME Group	0.43%, was 0.48%	Reduce −8.5%	128,713	$220.65	$28M	−11,899	+$756K
DMLP, Dorchester Minerals	0.40%	Add +0.6%	896,893	$30.15	$27M	+5,210	−$467K
MMC, Marsh McLennan	0.40%, was 0.44%	Reduce −0.5%	119,074	$223.09	$27M	−640	+$1.3M
BG, Bunge Global	0.39%, was 0.54%	Reduce −6.2%	270,075	$96.64	$26M	−17,763	−$4.6M
Osisko Gold Royalties	0.39%	Reduce −0.2%	1,392,145	$18.51	$26M	−2,334	+$4M
CCJ, Cameco	0.37%, was 0.45%	Reduce −0.3%	517,828	$47.76	$25M	−1,400	−$815K
Sandstorm Gold	0.35%, was 0.38%	Reduce −2.1%	3,901,719	$6.00	$23M	−83,975	+$1.7M
WST, West Fraser Timber	0.35%	Reduce −0.1%	236,943	$97.36	$23M	−233	+$4.8M
CRL, Charles River Labs International	0.34%, was 0.58%	Reduce −28.4%	114,762	$196.97	$23M	−45,619	−$11M
BRK.B, Berkshire Hathaway Class B	0.31%, was 0.32%	Reduce −0.3%	44,978	$460.25	$21M	−143	+$2.3M
CCL, Carnival	0.30%, was 0.36%	Reduce −0.8%	1,082,949	$18.48	$20M	−8,800	−$425K
IPAR, Inter Parfums	0.29%, was 0.32%	Reduce −2.6%	151,815	$129.48	$20M	−3,999	+$1.6M
Sitio Royalties	0.24%, was 0.32%	Reduce −0.5%	770,741	$20.84	$16M	−4,209	−$2.2M
TRC, Tejon Ranch	0.24%, was 0.27%	Reduce −1.1%	899,106	$17.55	$16M	−9,838	+$273K
NTR, Nutrien	0.23%	Add +2.8%	317,633	$48.06	$15M	+8,531	−$471K
WEN, Wendys	0.22%, was 0.30%	Reduce −15.4%	847,516	$17.52	$15M	−154,316	−$2.1M
OSK, Oshkosh	0.21%	Add +3.4%	141,140	$100.21	$14M	+4,680	−$621K
VGSH, Vanguard Scottsdale Funds	0.20%, was 0.23%	Reduce −0.9%	223,499	$59.02	$13M	−1,917	+$119K
SPAQ, Listed Fund Trust	0.19%	Add +4.9%	128,691	$99.18	$13M	+5,992	+$701K
WTM, White Mountains Insurance Group	0.18%, was 0.04%	Add +422.9%	7,138	$1,696	$12M	+5,773	+$9.6M
BAM, Brookfield Asset Management	0.17%, was 0.18%	Reduce −11.0%	240,580	$47.29	$11M	−29,712	+$1.1M
RGLD, Royal Gold	0.16%, was 0.19%	Reduce −14.2%	76,367	$140.30	$11M	−12,621	−$423K
RCL, Royal Caribbean	0.15%	Add +3.0%	57,881	$177.36	$10M	+1,709	+$1.3M
MA, Mastercard	0.15%, was 0.16%	Reduce −7.1%	19,638	$493.79	$9.7M	−1,490	+$376K
SPGI, S&P Global	0.14%, was 0.15%	Reduce −0.9%	18,465	$516.62	$9.5M	−171	+$1.2M
RBA, RB Global	0.14%	Add +0.5%	118,009	$80.49	$9.5M	+535	+$528K
EXP, Eagle Materials	0.14%	Reduce −13.0%	31,605	$287.65	$9.1M	−4,743	+$1.2M
BND, Vanguard Bond Index Funds	0.13%, was 0.26%	Reduce −42.1%	174,133	$49.94	$8.7M	−126,571	−$6.2M
WMB, Williams Companies	0.12%, was 0.11%	Add +23.1%	177,285	$45.65	$8.1M	+33,224	+$2M
ELS, Equity Lifestyle Properties	0.12%, was 0.13%	Reduce −4.0%	112,657	$71.34	$8M	−4,724	+$392K
FWONK, Liberty Media	0.12%, was 0.13%	Reduce −2.7%	100,664	$77.43	$7.8M	−2,760	+$364K
NDAQ, Nasdaq	0.11%	Reduce −0.6%	102,918	$73.01	$7.5M	−655	+$1.3M
FCX, Freeport-McMoRan	0.11%, was 0.09%	Add +40.5%	141,802	$49.92	$7.1M	+40,860	+$2.2M
SII, Sprott	0.10%, was 0.12%	Reduce −0.3%	161,844	$43.31	$7M	−469	+$291K
LBRDA, Liberty Broadband	0.10%	Reduce −2.3%	89,480	$77.29	$6.9M	−2,102	+$1.9M
GBTC, Grayscale Bitcoin Cash	0.10%	Add +3.4%	985,394	$6.69	$6.6M	+31,957	−$3.2M
DBRG, Digitalbridge Group	0.10%	New	462,713	$14.13	$6.5M	+462,713	+$6.5M
RPRX	0.10%	Add 0.0%	228,796	$28.29	$6.5M	+12	+$440K
XOM, Exxon Mobil	0.10%, was 0.09%	Add +17.0%	54,901	$117.22	$6.4M	+7,962	+$1M
MSGS, MSG Sports	0.10%	Reduce −0.1%	30,491	$208.26	$6.4M	−45	+$605K
TCOM, Tri Pointe Homes	0.09%	Add +0.1%	140,012	$45.31	$6.3M	+200	+$1.1M
SBR, Sabine Royalty Trust	0.09%	Add +0.7%	100,368	$61.77	$6.2M	+710	−$247K
MSFT, Microsoft	0.08%, was 0.07%	Add +54.1%	13,010	$430.31	$5.6M	+4,566	+$1.8M
ABBV, AbbVie	0.08%, was 0.07%	Add +7.1%	25,845	$197.48	$5.1M	+1,722	+$966K
Costamare	0.08%, was 0.07%	Add +41.6%	323,000	$15.72	$5.1M	+94,900	+$1.3M
BX, Blackstone	0.08%, was 0.02%	Add +251.8%	33,100	$153.13	$5.1M	+23,690	+$3.9M
LBRT, Liberty Energy	0.07%	Add +10.4%	260,607	$19.09	$5M	+24,604	+$45K
ET, Energy Transfer	0.07%, was 0.05%	Add +76.6%	301,269	$16.05	$4.8M	+130,647	+$2.1M
SJT, San Juan Basin Rty Trust	0.07%	Add +23.2%	1,291,926	$3.70	$4.8M	+242,871	+$521K
LTCN, Grayscale Litecoin Trust	0.07%	Add +10.9%	327,816	$14.51	$4.8M	+32,326	−$1.5M
Burford Cap	0.07%, was 0.08%	Reduce −3.5%	353,315	$13.26	$4.7M	−12,774	−$93K
PM, Philip Morris International	0.07%, was 0.04%	Add +68.8%	38,344	$121.40	$4.7M	+15,630	+$2.4M
XNEAX, Nuveen Amt Free Qlty Mun	0.07%	Add +12.5%	379,537	$11.97	$4.5M	+42,201	+$677K
BSM	0.06%, was 0.05%	Add +65.9%	275,638	$15.10	$4.2M	+109,500	+$1.6M
IRM, Iron Mountain	0.06%, was 0.04%	Add +42.9%	34,450	$118.83	$4.1M	+10,350	+$1.9M
LHX, L3Harris	0.06%, was 0.04%	Add +70.4%	16,605	$237.87	$3.9M	+6,861	+$1.8M
MKL, Markel Group	0.06%, was 0.07%	Reduce −1.5%	2,514	$1,569	$3.9M	−37	−$76K
BKKT, Bakkt	0.06%, was 0.15%	Reduce −10.9%	400,217	$9.57	$3.8M	−49,023	−$4.7M
EPD, Enterprise Products Partners	0.06%, was 0.03%	Add +96.5%	130,172	$29.11	$3.8M	+63,914	+$1.9M
MRK, Merck	0.06%	Add +28.0%	33,192	$113.56	$3.8M	+7,258	+$559K
KLAC, KLA	0.06%, was 0.05%	Add +30.1%	4,849	$774.41	$3.8M	+1,121	+$681K
LLY, Eli Lilly	0.05%, was 0.07%	Reduce −3.3%	4,116	$885.94	$3.6M	−141	−$208K
FNF, Fidelity National Financial	0.05%, was 0.04%	Add +35.1%	58,071	$62.06	$3.6M	+15,100	+$1.5M
INFL, Listed Fund Trust	0.05%	Add +8.4%	91,464	$37.59	$3.4M	+7,112	+$682K
MO, Altria	0.05%, was 0.03%	Add +58.9%	63,667	$51.04	$3.2M	+23,611	+$1.4M
FWONA, Liberty Media	0.05%, was 0.11%	Reduce −54.2%	45,265	$71.53	$3.2M	−53,463	−$3.1M
CAT, Caterpillar	0.05%, was 0.04%	Add +26.9%	8,216	$391.12	$3.2M	+1,743	+$1.1M
NVDA, Nvidia	0.05%, was 0.03%	Add +101.1%	26,060	$121.44	$3.2M	+13,100	+$1.6M
BCDF, Listed Fund Trust	0.05%, was 0.04%	Add +22.6%	113,024	$27.90	$3.2M	+20,802	+$884K
JNJ, Johnson & Johnson	0.05%, was 0.04%	Add +17.2%	19,428	$162.06	$3.1M	+2,849	+$725K
BMY, Bristol Myers Squibb	0.05%, was 0.03%	Add +31.9%	59,382	$51.74	$3.1M	+14,364	+$1.2M
LVS, Las Vegas Sands	0.05%, was 0.04%	Add +22.4%	60,295	$50.34	$3M	+11,023	+$855K
CSCO, Cisco	0.05%, was 0.03%	Add +38.7%	56,591	$53.22	$3M	+15,779	+$1.1M
PTEN, Patterson Uti Energy	0.05%, was 0.07%	Reduce −0.3%	393,537	$7.65	$3M	−1,060	−$1.1M
CVX, Chevron	0.04%	Add +41.0%	19,793	$147.27	$2.9M	+5,760	+$720K
SU, Suncor Energy	0.04%	Add +33.8%	78,044	$36.92	$2.9M	+19,700	+$658K
AMLP, Alps ETF Trust Alerian MLP	0.04%	Add +4.0%	57,727	$47.13	$2.7M	+2,230	+$58K
PFE, Pfizer	0.04%, was 0.03%	Add +63.3%	93,815	$28.94	$2.7M	+36,370	+$1.1M
FIS, Fidelity National Information Services	0.04%, was 0.03%	Add +30.8%	31,840	$83.75	$2.7M	+7,500	+$832K
EMR, Emerson Electric	0.04%, was 0.03%	Add +34.3%	24,297	$109.37	$2.7M	+6,200	+$664K
Fitlife Brands	0.04%	Hold	77,228	$32.74	$2.5M	—	—
SPHR, Sphere Entertainment	0.04%, was 0.03%	Add +7.9%	56,728	$44.18	$2.5M	+4,157	+$663K
RTX	0.04%, was 0.02%	Add +64.1%	20,618	$121.16	$2.5M	+8,054	+$1.2M
MSTR, Microstrategy	0.04%, was 0.03%	Add +17.8%	325,827	$7.62	$2.5M	+49,293	+$500K
DHR, Danaher	0.04%	Reduce −1.5%	8,871	$278.02	$2.5M	−137	+$216K
PCH, Potlatchdeltic	0.03%, was 0.04%	Reduce −20.4%	51,616	$45.05	$2.3M	−13,198	−$228K
KMI, Kinder Morgan	0.03%	Add +3.8%	103,592	$22.09	$2.3M	+3,807	+$306K
CRAI, Cra International	0.03%	Add +10.0%	12,608	$175.32	$2.2M	+1,143	+$236K
CSW, CSW Industrials	0.03%	Reduce −16.7%	6,000	$366.39	$2.2M	−1,200	+$288K
BATRK, Atlanta Braves	0.03%, was 0.04%	Reduce −1.1%	53,002	$39.80	$2.1M	−603	−$5K
MSGE, MSG Entertainment	0.03%	Add +5.1%	49,417	$42.53	$2.1M	+2,407	+$493K
WPC, W P Carey	0.03%, was 0.02%	Add +57.5%	33,700	$62.30	$2.1M	+12,300	+$921K
SON, Sonoco Products	0.03%, was 0.02%	Add +69.1%	38,300	$54.63	$2.1M	+15,650	+$944K
WT, Wisdomtree	0.03%, was 0.04%	Reduce −2.5%	206,302	$9.99	$2.1M	−5,271	−$36K
RYN, Rayonier Advanced Materials	0.03%, was 0.01%	Add +100.3%	233,700	$8.56	$2M	+117,000	+$1.4M
HON, Honeywell	0.03%, was 0.02%	Add +55.3%	9,553	$206.71	$2M	+3,400	+$661K
BAC, Bank of America	0.03%, was 0.02%	Add +87.3%	49,225	$39.68	$2M	+22,950	+$908K
RYN, Rayonier	0.03%, was 0.04%	Reduce −28.8%	60,644	$32.18	$2M	−24,522	−$526K
TD, Toronto-Dominion Bank	0.03%, was 0.02%	Add +41.8%	30,100	$63.26	$1.9M	+8,875	+$738K
NRP, Natural Resource Partners	0.03%	New	19,422	$97.80	$1.9M	+19,422	+$1.9M
Telefonica	0.03%, was 0.02%	Add +24.7%	387,777	$4.86	$1.9M	+76,912	+$576K
VRSK, Verisk	0.03%	Hold	7,000	$267.96	$1.9M	—	—
NVO, Novo Nordisk	0.03%	Add +1.6%	15,718	$119.07	$1.9M	+250	−$336K
AAPL, Apple	0.03%	Reduce −4.2%	8,007	$233.01	$1.9M	−350	+$106K
OPLN, Openlane	0.03%	Reduce −1.6%	107,639	$16.88	$1.8M	−1,775	+$2K
VOO, Vanguard S&P 500 ETF	0.03%	Reduce −1.2%	3,401	$527.67	$1.8M	−40	+$74K
MHD	0.03%	Add +0.3%	140,505	$12.65	$1.8M	+475	+$84K
PDI, Pimco Dynamic Income Fund	0.03%, was 0.02%	Add +55.0%	87,188	$20.27	$1.8M	+30,940	+$709K
REZI, Resideo Technologies	0.03%, was 0.02%	Add +32.3%	87,112	$20.14	$1.8M	+21,266	+$466K
NAD, Nuveen Quality Muni Inc. Fund	0.03%, was 0.02%	Add +23.9%	138,117	$12.38	$1.7M	+26,685	+$402K
ROK, Rockwell Automation	0.02%	Add +33.7%	6,015	$268.46	$1.6M	+1,515	+$376K
SIRI, Sirius XM	0.02%	New	66,406	$23.65	$1.6M	+66,406	+$1.6M
SEE, Sealed Air	0.02%	Add +21.1%	43,100	$36.30	$1.6M	+7,500	+$326K
GSK	0.02%	Add +51.8%	38,192	$40.88	$1.6M	+13,027	+$592K
VRT, Vertiv	0.02%	New	15,330	$99.49	$1.5M	+15,330	+$1.5M
SEG, Seaport	0.02%	New	55,443	$27.42	$1.5M	+55,443	+$1.5M
RCG, Renn Fund	0.02%	Add +15.6%	670,476	$2.12	$1.4M	+90,668	+$436K
XES, SPDR Ser Trust	0.02%, was 0.06%	Reduce −55.5%	17,342	$80.77	$1.4M	−21,641	−$2.1M
NVS, Novartis	0.02%	Add +2.9%	12,144	$115.02	$1.4M	+347	+$141K
VXF, Vanguard Index Funds	0.02%	Add +43.8%	7,332	$181.99	$1.3M	+2,235	+$474K
SVXY, Proshares Trust II	0.02%	Add +4.7%	26,617	$50.11	$1.3M	+1,189	−$227K
RMT, Royce Micro-Cap Trust	0.02%	Reduce −0.7%	137,570	$9.61	$1.3M	−930	+$49K
BGC, BGC Group	0.02%	Add +12.8%	143,462	$9.18	$1.3M	+16,249	+$261K
MMM, 3M	0.02%, was 0.01%	Add +60.9%	9,575	$136.70	$1.3M	+3,625	+$701K
NEM, Newmont	0.02%, was 0.01%	Add +24.4%	24,089	$53.45	$1.3M	+4,728	+$477K
BLK, BlackRock	0.02%	Hold	102,157	$12.58	$1.3M	—	—
JFR, Nuveen Floating Rate Income	0.02%	Add +19.6%	144,118	$8.82	$1.3M	+23,594	+$229K
V, Visa	0.02%	Add +4.6%	4,539	$274.95	$1.2M	+200	+$109K
EOG, EOG Resources	0.02%, was 0.01%	Add +74.5%	10,068	$122.93	$1.2M	+4,300	+$512K
Metalla Rty & Streaming	0.02%	Hold	399,807	$3.09	$1.2M	—	—
MCD, McDonald's	0.02%	Hold	4,046	$304.51	$1.2M	—	—
GE, GE Aerospace	0.02%	Reduce −0.8%	6,498	$188.58	$1.2M	−52	+$184K
KRP, Kimbell Rty Partners	0.02%	Reduce −0.8%	75,526	$16.09	$1.2M	−584	−$30K
MDLZ, Mondelez	0.02%	Add +7.3%	16,429	$73.67	$1.2M	+1,112	+$208K
SAN, Banco Santander	0.02%	Add +467.9%	235,177	$5.10	$1.2M	+193,767	+$1M
BN, Brookfield Corporation	0.02%	New	22,524	$53.16	$1.2M	+22,524	+$1.2M
LIN, Linde	0.02%, was 0.01%	Add +68.5%	2,460	$476.86	$1.2M	+1,000	+$532K
Liberty Media	0.02%	Reduce −35.9%	22,752	$51.33	$1.2M	−12,717	−$190K
MSTR, Pimco Income Strategy Fund	0.02%, was 0.01%	Add +36.7%	135,486	$8.57	$1.2M	+36,395	+$354K
RIO, Rio Tinto	0.02%, was 0.01%	Add +106.0%	16,266	$71.17	$1.2M	+8,370	+$637K
ABT, Abbott Laboratories	0.02%	Hold	10,091	$114.01	$1.2M	—	—
BATRA, Atlanta Braves	0.02%	Reduce −2.0%	27,006	$42.15	$1.1M	−540	$—
GDXJ, Vaneck ETF Trust	0.02%	Reduce −18.7%	23,320	$48.81	$1.1M	−5,353	−$69K
AMGN, Amgen	0.02%	Reduce −3.9%	3,456	$322.21	$1.1M	−141	−$10K
CMS, CMS Energy	0.02%	Add +1.3%	15,675	$70.63	$1.1M	+200	+$186K
LEN, Lennar	0.02%, was 0.01%	Add +14.7%	5,862	$187.48	$1.1M	+752	+$333K
ADI, Analog Devices	0.02%	Add +10.3%	4,756	$230.16	$1.1M	+445	+$111K
RQI, Cohen & Steers Quality Realty	0.02%, was 0.01%	Add +51.7%	76,827	$14.17	$1.1M	+26,194	+$497K
DBL, Doubleline Opportunistic CR	0.02%	Reduce −1.6%	68,781	$15.82	$1.1M	−1,101	+$15K
BN, Brookfield Corporation	0.02%	Reduce −2.3%	30,371	$35.04	$1.1M	−700	+$212K
WY, Weyerhaeuser	0.02%	Reduce −3.5%	31,379	$33.86	$1.1M	−1,145	+$139K
OIH, Vaneck ETF Trust	0.02%	Reduce −10.4%	3,690	$283.74	$1M	−430	−$256K
SBLK, Star Bulk Carriers	0.02%	Reduce −0.6%	44,157	$23.69	$1M	−260	−$37K
GOOG, Alphabet Class C	0.01%, was 0.02%	Reduce −1.0%	5,916	$167.19	$989K	−57	−$106K
FHI, Federated Hermes	0.01%, was 0.02%	Reduce −6.0%	26,532	$36.77	$976K	−1,707	+$47K
XFRAX	0.01%	Add +24.6%	73,870	$13.20	$975K	+14,579	+$208K
QCOM, Qualcomm	0.01%, was 0.02%	Reduce −1.7%	5,672	$170.05	$965K	−100	−$185K
AZNN	0.01%, was 0.02%	Reduce −4.7%	12,354	$77.91	$963K	−616	−$49K
BP, BP PLC	0.01%	Add +211.5%	30,114	$31.39	$945K	+20,448	+$596K
SPY, SPDR S&P 500 ETF Trust	0.01%, was 0.02%	Reduce −2.2%	1,646	$573.76	$944K	−37	+$28K
MPC, Marathon Petroleum	0.01%, was 0.02%	Reduce −2.5%	5,770	$162.91	$940K	−150	−$87K
GLD, SPDR Gold Shares	0.01%	Reduce −1.5%	3,836	$243.06	$932K	−57	+$95K
EBAY, eBay	0.01%	Add +0.2%	14,110	$65.11	$919K	+34	+$163K
AB, Alliance Bernstein	0.01%	New	25,874	$34.89	$903K	+25,874	+$903K
Kraneshares Trust	0.01%, was 0.02%	Reduce −9.7%	28,109	$31.66	$890K	−3,007	−$123K
SLV, iShares Silver Trust	0.01%	Reduce −1.0%	30,690	$28.41	$872K	−298	+$49K
DGX, Quest Diagnostics	0.01%	Add +23.1%	5,600	$155.25	$869K	+1,050	+$247K
BK, BNY	0.01%	Hold	12,064	$71.86	$867K	—	—
JPM, JPMorgan Chase	0.01%	Hold	4,067	$210.86	$858K	—	—
NSC, Norfolk Southern	0.01%	Add +0.6%	3,348	$248.50	$832K	+20	+$117K
Grayscale Digital Large Cap	0.01%	Hold	41,029	$20.20	$829K	—	—
GBX, Greenbrier Companies	0.01%	Add +112.6%	16,050	$50.89	$817K	+8,500	+$443K
GOOGL, Alphabet Class A	0.01%, was 0.02%	Reduce −1.1%	4,913	$165.85	$815K	−54	−$90K
IBM	0.01%	Hold	3,650	$221.08	$807K	—	—
CVS, CVS Health	0.01%	Reduce −10.5%	12,830	$62.88	$807K	−1,500	−$40K
GM, General Motors	0.01%	Add +212.1%	17,943	$44.84	$805K	+12,193	+$537K
NRK	0.01%	Add +6.9%	71,483	$11.20	$801K	+4,587	+$59K
DSL, Doubleline Income Solutions	0.01%	Reduce −6.4%	59,308	$12.98	$770K	−4,028	−$23K
APYX, Apyx Medical	0.01%	Hold	615,000	$1.24	$763K	—	—
ALNY, Alnylam Pharmaceuticals	0.01%	Reduce −4.2%	2,759	$275.03	$759K	−121	+$59K
VMI, Valmont Industries	0.01%	Add +53.7%	2,575	$289.95	$747K	+900	+$287K
BAH	0.01%	Add +13.8%	4,572	$162.76	$744K	+556	+$126K
REGN, Regeneron	0.01%	Reduce −4.1%	706	$1,051	$742K	−30	−$31K
SYK, Stryker	0.01%	Hold	2,000	$361.26	$723K	—	—
BXMT	0.01%	Add +58.6%	37,900	$19.01	$720K	+14,000	+$304K
KKR	0.01%	Add +5.9%	5,358	$130.58	$700K	+300	+$167K
BRK.A, Berkshire Hathaway Class A	0.01%	Hold	1	$691,180	$691K	—	—
BLK, BlackRock	0.01%	Add +1.8%	61,530	$10.69	$658K	+1,100	+$41K
CM, Canadian Imperial	0.01%	New	10,500	$61.34	$644K	+10,500	+$644K
ALKS, Alkermes	0.01%	Reduce −4.2%	22,066	$27.99	$618K	−967	+$63K
GS, Goldman Sachs	0.01%	Hold	1,193	$495.11	$591K	—	—
WOOD, iShares Trust	0.01%	Reduce −1.9%	6,850	$86.17	$590K	−135	+$43K
BIIB, Biogen	0.01%	Reduce −2.6%	3,040	$193.84	$589K	−81	−$134K
BTZ	0.01%	Add +25.6%	51,023	$11.28	$576K	+10,389	+$140K
ETCG, Grayscale Ethereum Classic	0.01%	Add +8.2%	71,138	$8.00	$569K	+5,403	−$248K
RSP	0.01%	Add +1.4%	3,103	$179.18	$556K	+42	+$53K
AJG, Arthur J. Gallagher	0.01%	Reduce −2.0%	1,957	$281.37	$551K	−39	+$33K
DIS, Disney	0.01%	Add +25.7%	5,704	$96.20	$549K	+1,167	+$98K
GBTC, Vaneck Bitcoin ETF	0.01%	New	7,630	$71.83	$548K	+7,630	+$548K
MYI	0.01%	Add +5.2%	44,854	$12.00	$538K	+2,200	+$61K
TW, Tradeweb Markets	0.01%	Add +6.2%	4,253	$123.67	$526K	+250	+$102K
TQQQ, Proshares Trust	0.01%	Add +7.2%	7,101	$72.49	$515K	+474	+$26K
NZF, Nuveen Municipal Credit	0.01%	Add +40.3%	39,202	$13.10	$514K	+11,257	+$168K
KHC, Kraft Heinz	0.01%	Add +78.0%	14,577	$35.11	$512K	+6,389	+$248K
ENB, Enbridge	0.01%	New	12,532	$40.61	$509K	+12,532	+$509K
GDX, Vaneck ETF Trust	0.01%	Reduce −0.1%	12,362	$39.82	$492K	−16	+$72K
Holding	0.01%	Add +71.6%	58,956	$8.30	$489K	+24,599	+$220K
Proshares Trust	0.01%	Add +6.2%	65,719	$7.39	$486K	+3,822	−$27K
BR, Broadridge Financial	0.01%	New	2,248	$215.03	$483K	+2,248	+$483K
CRSP, Crispr Therapeutics	0.01%	Reduce −4.1%	10,239	$46.98	$481K	−443	−$96K
OXY, Occidental	0.01%	Add +105.1%	9,326	$51.54	$481K	+4,780	+$194K
IONS, Ionis Pharmaceuticals	0.01%	Reduce −4.2%	11,952	$40.06	$479K	−524	−$116K
M, Macys	0.01%	New	30,500	$15.69	$479K	+30,500	+$479K
D, Dominion Energy	0.01%	New	8,250	$57.79	$477K	+8,250	+$477K
NBH, Neuberger Berman Muni Fund	0.01%	Add +0.3%	41,529	$11.11	$461K	+133	+$19K
Liberty Media	0.01%	Reduce −2.2%	9,277	$49.51	$459K	−211	+$103K
NAN, Nuveen NY Qlty Income Fund	0.01%	Add +82.9%	38,119	$11.79	$449K	+17,281	+$215K
NBB, Nuveen Build American	0.01%	Hold	26,954	$16.61	$448K	—	—
L, Loews	0.01%	Reduce −4.0%	5,541	$79.05	$438K	−230	+$7K
IAU, iShares Gold Trust	0.01%	Reduce −0.2%	8,790	$49.70	$437K	−22	+$50K
FHI, Federated Hermes	0.01%	Add +0.5%	35,149	$12.42	$437K	+190	+$37K
KO, Coca-Cola	0.01%	Add +4.9%	6,020	$71.86	$433K	+280	+$67K
CNS, Cohen & Steers	0.01%	Add +4.0%	4,478	$95.94	$430K	+172	+$117K
BLK, BlackRock	0.01%	Add +3.4%	39,579	$10.82	$428K	+1,300	+$34K
KVUE, Kenvue	0.01%	New	18,262	$23.13	$422K	+18,262	+$422K
VTI, Vanguard Index Funds	0.01%	Hold	1,405	$283.16	$398K	—	—
PEP, PepsiCo	0.01%	Add +5.4%	2,313	$170.05	$393K	+118	+$31K
C, Citigroup	0.01%	Hold	6,161	$62.60	$386K	—	—
GEV, GE Vernova	0.01%	Reduce −10.2%	1,499	$254.98	$382K	−171	+$96K
CMCSA, Comcast	0.01%	Reduce −6.2%	9,066	$41.77	$379K	−595	$—
DOW, DOW Inc	0.01%	Hold	6,871	$54.63	$375K	—	—
AWR	0.01%	Reduce −1.1%	4,468	$83.29	$372K	−50	+$44K
AMT, American Tower	0.01%	Hold	1,560	$232.56	$363K	—	—
TFPM, Triple Flag Precious Metal	0.01%	Reduce −11.2%	22,296	$16.18	$361K	−2,801	−$28K
NVG	0.01%	Add +88.5%	26,556	$13.39	$356K	+12,471	+$180K
ETN, Eaton	0.01%	Add +39.0%	27,801	$12.75	$354K	+7,800	+$93K
BLK, BlackRock	0.01%	Hold	46,440	$7.60	$353K	—	—
MKTX, Marketaxess	0.01%	Add +6.0%	1,342	$256.20	$344K	+76	+$90K
MOV, Movado Group	0.01%	Hold	18,261	$18.60	$340K	—	—
DORM, Dorman Products	0.01%	Hold	3,000	$113.12	$339K	—	—
PHYS, Sprott Physical Gold Trust	0.01%	Hold	16,621	$20.38	$339K	—	—
AFL, Aflac	0.01%	Hold	3,000	$111.80	$335K	—	—
META, Meta Platforms	0.00%	Add +0.3%	583	$572.21	$334K	+2	+$41K
GPC, Genuine Parts	0.00%	Add +2.6%	2,360	$139.68	$330K	+60	+$12K
GBTC, Grayscale Bitcoin Trust	0.00%	Add +3.7%	5,916	$55.53	$329K	+211	+$29K
ETN, Eaton	0.00%	Hold	975	$331.44	$323K	—	—
CL, Colgate-Palmolive	0.00%	Add +4.2%	3,102	$103.81	$322K	+124	+$33K
PCM, PCM Fund	0.00%	Add +64.1%	40,252	$7.99	$322K	+15,720	+$140K
IFF, International Flavors & Fragrances	0.00%	Hold	3,050	$104.93	$320K	—	—
BCYC, Bicycle Therapeutics	0.00%, was 0.01%	Reduce −4.2%	13,792	$22.63	$312K	−604	+$21K
GEHC, GE HealthCare	0.00%	Reduce −7.2%	3,232	$93.85	$303K	−252	+$32K
BWXT, BWX Technologies	0.00%	Reduce −2.4%	2,690	$108.70	$292K	−66	+$31K
INTC, Intellia Therapeutics	0.00%, was 0.01%	Reduce −4.2%	13,792	$20.55	$283K	−604	−$39K
CNP, Centerpoint Energy	0.00%	Add +17.0%	9,633	$29.42	$283K	+1,400	+$28K
NFLX, Netflix	0.00%	Hold	375	$709.27	$266K	—	—
BA, Boeing	0.00%, was 0.01%	Reduce −2.7%	1,748	$152.04	$266K	−48	−$61K
BGT	0.00%	Add +56.0%	19,778	$12.94	$256K	+7,100	+$94K
VLTO, Veralto	0.00%	Reduce −4.1%	2,277	$111.86	$255K	−98	+$28K
AWK	0.00%	Reduce −0.9%	1,733	$146.28	$254K	−16	+$28K
NEE, NextEra Energy	0.00%	Hold	2,860	$84.53	$242K	—	—
ETN, Eaton	0.00%	Add +26.8%	22,431	$10.76	$241K	+4,739	+$54K
RA	0.00%	Add +45.8%	17,614	$13.70	$241K	+5,533	+$87K
NVIR, Listed Fund Trust	0.00%	Add +3.4%	8,209	$29.08	$239K	+267	+$13K
PBH	0.00%	Add +4.8%	3,247	$72.10	$234K	+150	+$21K
IVZ, Invesco Quality Muni	0.00%	Hold	22,115	$10.44	$231K	—	—
JPC	0.00%	Add +70.7%	28,538	$8.07	$230K	+11,824	+$105K
BEAM, Beam Therapeutics	0.00%	Reduce −4.2%	9,194	$24.50	$225K	−403	$—
PML, Pimco Mun Income Fund II	0.00%	Add +55.0%	23,325	$9.39	$219K	+8,275	+$91K
AMZN, Amazon	0.00%	Reduce −0.2%	1,094	$186.33	$204K	−2	−$8K
NMZ, Nuveen Mun High Inc. Opp Fund	0.00%	Add +67.1%	17,322	$11.66	$202K	+6,953	+$90K
NIM	0.00%	Hold	21,500	$9.26	$199K	—	—
ETN, Eaton	0.00%	Add +47.9%	32,130	$6.18	$199K	+10,400	+$61K
APLD, Applied Digital	0.00%	Reduce −5.0%	23,870	$8.25	$197K	−1,269	+$47K
ASTL, Algoma Steel Group	0.00%	Add +0.4%	19,044	$10.23	$195K	+82	+$63K
ETN, Eaton	0.00%	Add +26.2%	15,668	$10.51	$165K	+3,251	+$44K
REPL, Replimune Group	0.00%	Reduce −4.2%	13,792	$10.96	$151K	−604	+$22K
ETHE, Grayscale Ethereum Trust	0.00%	Add +0.6%	6,683	$21.89	$146K	+42	−$62K
HLN, Haleon	0.00%	Reduce −4.2%	13,491	$10.58	$143K	−591	+$26K
XCXEX, MFS High Income Mun Trust	0.00%	Add +28.7%	35,414	$4.00	$142K	+7,900	+$40K
GALT, Galectin Therapeutics	0.00%	Reduce −4.2%	51,484	$2.75	$142K	−2,258	+$20K
Holding	0.00%	Reduce −1.5%	12,504	$11.00	$138K	−185	+$6K
IVZ, Invesco	0.00%	Hold	10,414	$11.53	$120K	—	—
VNDA, Vanda Pharmaceuticals	0.00%	Reduce −4.2%	24,824	$4.69	$116K	−1,088	−$30K
NUV, Nuveen Mun Value Fund	0.00%	Add +6.9%	12,350	$9.02	$111K	+800	+$12K
Holding	0.00%	Reduce −54.3%	12,036	$8.84	$106K	−14,300	−$118K
EDIT, Editas Medicine	0.00%	Reduce −4.2%	30,390	$3.41	$104K	−1,330	−$45K
LTRN	0.00%	Reduce −4.2%	27,582	$3.67	$101K	−1,209	−$33K
RLMD, Relmada Therapeutics	0.00%	Hold	30,000	$3.24	$97K	—	—
2seventy Bio	0.00%	Reduce −4.2%	16,550	$4.72	$78K	−725	+$12K
ZCSH, Grayscale Zcash	0.00%	Hold	15,492	$4.15	$64K	—	—
EVLV	0.00%	Reduce −10.0%	13,500	$4.05	$55K	−1,500	+$16K
OIS, Oil State International	0.00%	Hold	11,300	$4.60	$52K	—	—
ALLO, Allogene Therapeutics	0.00%	Reduce −4.2%	18,388	$2.80	$51K	−806	+$7K
Scripps E W Co. Ohio	0.00%	Hold	20,000	$2.24	$45K	—	—
TTI, Tetra Technologies	0.00%	Hold	13,600	$3.10	$42K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$2.11	$39K	—	—
PACB	0.00%	Reduce −4.2%	11,034	$1.70	$19K	−483	+$3K
Bluebird Bio	0.00%	Reduce −4.2%	34,936	$0.5195	$18K	−1,532	−$18K
GBAT, Grayscale Basic Attention	0.00%	Hold	2,089	$5.67	$12K	—	—
MANA, Grayscale Decentraland	0.00%	Hold	691	$11.55	$8K	—	—

Showing top 50 of 324 by value

Exits / last held

Gone since 2024 Q2, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Liberty Media	0.04%	Exit	$22.16	$2.2M	−98,358	−$2.2M
EXE, Chesapeake Energy	0.02%	Exit	$82.21	$1.2M	−14,853	−$1.2M
INTC, Intel	0.02%	Exit	$30.97	$957K	−30,899	−$957K
BN, Brookfield Corporation	0.01%	Exit	$41.81	$802K	−19,181	−$802K
SEB, Seaboard	0.01%	Exit	$3,160	$455K	−144	−$455K
Liberty Media	0.01%	Exit	$22.16	$432K	−19,493	−$432K
JPM, JPMorgan Chase	—	Exit	$50.58	$211K	−4,172	−$211K
SLB	—	Exit	$47.07	$208K	−4,419	−$208K
COP, ConocoPhillips	—	Exit	$114.65	$205K	−1,788	−$205K

Filings history

20 periods, with AUM normalized

Newest 13Fs

Period	Holds	AUM	QoQ	Form	Filed	Filing ID
2026 Q2	351	$8.8B	−4.5%	13F-HR	8/11/2026	000139834426014047
2026 Q1	353	$9.2B	+24.9%	13F-HR	5/15/2026	000139834426009239
2025 Q4	324	$7.4B	−9.9%	13F-HR	2/11/2026	000105682326000007
2025 Q3	336	$8.2B	−2.7%	13F-HR	11/14/2025	000105682325000029
2025 Q2	352	$8.4B	−4.3%	13F-HR	8/12/2025	000105682325000019
2025 Q1	347	$8.8B	+9.7%	13F-HR	5/15/2025	000105682325000010
2024 Q4	349	$8B	+20.2%	13F-HR	2/10/2025	000105682325000001
2024 Q3	346	$6.7B	+16.8%	13F-HR	11/13/2024	000105682324000019
2024 Q2	324	$5.7B	+8.2%	13F-HR	8/14/2024	000105682324000016
2024 Q1	323	$5.3B	+10.7%	13F-HR	5/14/2024	000105682324000013
2023 Q4	325	$4.8B	−5.4%	13F-HR	2/15/2024	000105682324000011
2023 Q3	331	$5B	+8.7%	13F-HR	11/14/2023	000105682323000057
2023 Q2	334	$4.6B	−10.8%	13F-HR	8/14/2023	000105682323000044
2023 Q1	334	$5.2B	−11.9%	13F-HR	5/12/2023	000105682323000019
2022 Q4	324	$6.1B	—	RESTATEMENT	2/9/2023	000105682323000011
2022 Q4	324	$5.9B	+19.0%	13F-HR	2/7/2023	000105682323000010
2022 Q3	329	$5B	+4.0%	13F-HR	11/15/2022	000105682322000018
2022 Q2	336	$4.8B	−3.8%	13F-HR	8/5/2022	000105682322000017
2022 Q1	345	$5B	+9.3%	13F-HR	5/13/2022	000105682322000016
2021 Q4	349	$4.5B	+6.1%	13F-HR	2/15/2022	000105682322000015
2021 Q3	338	$4.3B	—	13F-HR	11/15/2021	000105682321000020

About

Horizon Kinetics Asset Management LLC

21 processed 13Fs on this site, 2021 Q3 to 2026 Q2

Notable person: Murray Stahl
SEC filing name: HORIZON KINETICS ASSET MANAGEMENT LLC
Location: New York, NY
All SEC filings: View on sec.gov